Gold down for third straight session as markets await US inflation data
GLD•Gold fell for a third straight session, with spot gold down 0.4% to $4,140.33 an ounce, as investors awaited US CPI data. Fed official John Williams said the central bank may need to raise rates once more this year.
1. Gold slips ahead of CPI
Spot gold fell 0.4% to $4,140.33 per ounce by 1121 GMT, while US gold futures for December delivery lost 0.3% to $4,162.80. The US Consumer Price Index report was due at 1230 GMT, with producer prices and retail sales data scheduled for Thursday.
2. Rates and oil in focus
New York Fed President John Williams reaffirmed that the central bank may need to raise interest rates once more this year to lower inflation. Oil prices rose after two vessels were struck in the Strait of Hormuz; higher interest rates tend to reduce the appeal of non-yielding bullion.
